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The EUR/USD pair has been trying to regain positive momentum for the second consecutive day, halting the recent pullback from the monthly high levels last seen in September.
From a technical perspective, the price has shown resilience around the 200-hour exponential moving average (EMA). The subsequent upward movement is supporting the bulls. However, oscillators on the hourly chart have moved into negative territory, indicating potential vulnerability for prices during the day.
On the daily chart, the oscillators remain in positive territory, suggesting that the overall path for spot prices remains upward. Still, before entering positions for further gains, a sustained breakout through the psychological level of 1.1000 is needed. After that, the EUR/USD pair could rise toward yesterday's high near 1.1050, and then to 1.1100, on the way to the monthly high.
On the other hand, the round level of 1.0900 is critical. A break below it would drag the pair toward support at 1.0845, followed by the 1.0800 round level, below which lies the March 27–28 low, which coincides with the 200-day simple moving average (SMA). A break below this level would signal the potential for deeper losses.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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